UK Currency, Pounds, shillings, pence, British Sterling
Prior to February 15th 1971 the British currency system was known as pounds,
shillings and pence. In the system used at that time 12 pennies was equal to one
shilling and 20 shillings was equal to one pound. After February 15th 1971 the
UK moved to a new system called decimalisation and brought the currency into
line with the metric systems used in Europe which are based on a logical system
of 10 or factors of 10’s. So with decimalisation came a system of pounds and
pence doing away with shillings altogether. UK currency is known as BRITISH STERLING.
Under this system 100 pence is equal to one pound making working with the UK
currency far easier. The symbol used for pounds is: £
or is sometimes shown as GBP (Great Britain Pounds)
and the symbol used for pence is: p
So two pound forty pence would be written: £2.40
or GBP 2.40
Twenty pence would be written 20p.
Currently the currency in use is as follows:
coins: 1 penny, 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, one pound, 2
pounds. The 1 penny and 2 pence piece are bronze, the 5, 10, 20 and 50 pence pieces
are silver and the 1 and 2 pound coins are gold. All coins carry the Queens head
on the front.
notes in 2005: 5 pounds, 10 pounds, 20 pounds, 50 pounds. Front view.
Like the UK coins the notes all carry the Queens head. They also carry a
watermark that is visible to the eye only when held up to the light. The
watermark is the Queens head and shows in the egg shaped white space on all the
above notes. There is also a silver strip that shows when held up to the light
along the width of the notes.
New Five Pound Note
On September 13th 2016 the UK got its
first plastic note, the new five pound note. 15% smaller than the older traditional paper type in use at the time. Its made from a material called polymer which is a flexible thin plastic. The old five pound note no longer being legal tender after May 2017. The new version will last 2.5 times longer making them better value. On the back is the face of Winston Churchill along with his famous quote of
“I have nothing to offer but blood, toil, tears and sweat”. While the front is still Queen Elizabeth II.
New Fifty Pound
On the 2nd August 2011 a new £50, designed by Chris Salmon, was issued. The note as usual shows the
Queen on one side while the other side shows Matthew Boulton and engineer James
Watt. Matthew Boulton was a business entrepreneur from the 18th century while
James Watt was an engineer perhaps best known for his part in inventing the separate condenser, an improvement on the Newcomen steam engine.
Known as an ‘F’ series note, the first of which was the twenty pound note issues
in 2007 (see below). This is the first bank note in the UK to feature two
portraits on the reverse side.
New Twenty Pound Note:
On the 13th March 2007 a new £20 note was issued by the bank of England. The
last time this note was replaced was 1999. When new notes are issued the old
ones continue to be legal tender for a considerable time. Even after that you
can still exchange the old notes for new ones at UK banks. In this case the
older style £20 note was withdrawn on June 30th 2010.
The new style note shows the image of Adam Smith (eighteenth century economist) which makes him the first Scottish citizen to be shown on a UK bank note. The changes over the last £20 note include a lighter shade of purple and several security enhancements. For example raised lettering and larger hologram and a new security colour tag which shows up under ultra-violet light.
Interestingly the £20 note is the most commonly used note.
The UK is does not use the same currency as much of Europe contrary to the
belief of many first time visitors. While many countries of the European union
use the Euro which came into being on January 1st 1999 the UK has so far decided
to continue with its own currency.
Confusingly while the Currency above is issued by the Bank of England and is the
official currency for the UK, other banks do issue their own notes. This applies
to Scotland and Northern Ireland with the banks issuing notes being:
Scotland: Clydesdale Bank, Royal Bank of Scotland and Bank of Scotland
The Bank of Ireland
First Trust Bank
These banks produce £100 notes which are not produced by the Bank of England.
Many people outside of
Northern Ireland and Scotland are not familiar with these local notes and they
are sometimes refused as acceptable payment in England. However they are
perfectly acceptable as payment anywhere in the UK.
An often used slang term used to refer to UK pounds is quid.
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from 2024 reviews
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The History of Decimalisation in Britain
Prior to 1971, there were 12 pennies to the shilling and 20 shillings to the pound. There were guineas, half crowns, threepenny bits, sixpences and florins. This old system of currency, known as pounds, shillings and pence or lsd, dated back to Roman times when a pound of silver was divided into 240 pence, or denarius, which is where the ‘d’ in ‘lsd’ comes from. (lsd: librum, solidus, denarius).
To prepare the nation for the changeover in currency systems, the Decimal Currency Board (DCB) was set up, running a public information campaign in the two years prior to the switchover on Monday 15 February 1971, also known as Decimal Day. Three years before changeover, new 5p and 10p coins were introduced; these were the same size and worth the same amount as the one and two shilling coins. In 1969 a new 50p coin was introduced to replace the old 10 bob (shilling) note.
The banks were closed for four days before changeover to prepare. Currency converters were available for everyone, and prices in the shops were shown in both currencies. This went some way to alleviate the feeling many people had, that shopkeepers might use the conversion from old money to new to increase prices!
Cafe price list circa 1960 with prices in shillings and pence
‘Decimal Day’ ran without a hitch. Although the elderly generation found it more difficult to adapt to decimalisation, in general the population readily embraced the new currency and the oft-used phrase of the 1970’s “How much is that in old money?” is now more commonly used in reference to metrication.
For a short time the old and new currencies operated in unison, whereby people could pay in pounds, shillings and pence and receive new money as change. Originally it was planned that old money would be phased out of circulation over eighteen months, but as it turned out, the old penny, halfpenny and threepenny coins were officially taken out of circulation as early as August 1971.
from l to r: shilling, farthing, threepenny bit
It was originally intended that the new unit of currency would be referred to as ‘new pence’ to distinguish it from the old money, but this was quickly adapted to the abbreviation ‘pee’, which we still use today.
The term ‘decimal currency’ describes any currency that is based on one basic unit with a sub-unit which is a power of 10, most commonly 100, and comes from the Latin word decem, meaning ten. In comparison to the rest of the world, Britain lagged behind in the decimalisation stakes. Having converted to the ruble (equal to 100 kopecks) in 1704, Russia became the world’s first country to adopt a decimal currency, followed by the 1795 introduction of the franc in the wake of the French Revolution.
from l to r: sixpence (or tanner), half crown, half penny
Whilst Britain and our nearest neighbour Ireland did not convert to decimalisation until 1971, this was not the first time Britain had considered decimalisation. As far back as 1824 Parliament had considered decimalising the British currency. In 1841,the Decimal Association was founded in support of both decimalisation and use of the SI metric system, the international standard for physical measurements which had been adopted by France in the 1790s and has since been widely introduced across the world (although interestingly the metric system has still not been fully implemented in the UK).
However despite the introduction of the two shilling silver florin in 1849, worth one-tenth of a pound, and the double florin (a four-shilling piece) in 1887, there was little development towards decimalisation in Britain for nearly a century.
It was not until 1961, in the wake of South Africa’s successful move to decimalisation that the British Government introduced the Committee of the Inquiry on Decimal Currency, whose 1963 report resulted in the final agreement to adopt decimalisation on 1 March 1966, with the approval of the Decimal Currency Act in May 1969.
Whilst various names for a new unit of currency had been suggested – such as the new pound, the royal or the noble – it was decided that as a reserve currency, the pound sterling was too important to lose.
Conversion table – decimal and pre-decimal systems
|Halfpenny||½d.||5⁄24p ≈ 0.208p|
|Penny||1d.||5⁄12p ≈ 0.417p|
There are now only two countries in the world who officially continue to use non-decimal currencies. Mauritania still employs the ouguiya, which is equal to five khoums and Madagascans use the ariary, which is equal to five iraimbilanja. However, in reality the khoum and iraimbilanja sub units are so small in value that they are no longer used and the rest of the world’s currencies are either decimal, or use no sub units.
Whilst many of our closest neighbours have succumbed to the simplicity of the Euro since its induction on 1 January 2002, for now at least the majority of Britons remain faithful to the pound sterling. Whether this is down to a sense of identity or the more altruistic suspicion that goods prices will rise dramatically (or a combination of the two!), whatever the viewpoint it is agreed that there is still a great deal of debate over any change to British currency. As with decimalisation then, perhaps in two hundred years time we will have decided our European counterparts are on to something!
Value of 1917 pounds today
Why a pound today is worth only 1% of a pound in 1917
Updated: July 13, 2021
£100 in 1917 is equivalent in purchasing power to about £7,116.26 today, an increase of £7,016.26 over 104 years.
The pound had an average inflation rate of 4.19% per year between 1917 and today, producing a cumulative price increase of 7,016.26%.
This means that today’s prices are
71.16 times higher than
average prices since 1917,
according to the Office for National Statistics composite price index.
A pound today only buys 1.41% of what it could buy back then.
The 1917 inflation rate was 25.38%. The current year-over-year inflation rate (2020 to 2021) is now 0.70%1.
If this number holds, £100 today will be equivalent in buying power to £100.70 next year.
|Cumulative price change||7,016.26%|
|Average inflation rate||4.19%|
|Converted amount (£100 base)||£7,116.26|
|Price difference (£100 base)||£7,016.26|
|CPI in 1917||16.300|
|CPI in 2021||1,159.951|
|Inflation in 1917||25.38%|
|Inflation in 2021||0.70%|
|£100 in 1917||£7,116.26 in 2021|
GBP Inflation since 1750
Annual Rate, the Office for National Statistics CPI
Buying power of £100 in 1917
This chart shows a calculation of buying power equivalence for £100 in 1917 (price index tracking began in 1750).
For example, if you started with £100, you would need to end with £7,116. 26 in order to “adjust” for inflation (sometimes refered to as “beating inflation”).
When £100 is equivalent to £7,116.26 over time, that means that the “real value” of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.
This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1917 dollars, the chart below shows how £100 is worth less over 104 years.
According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:
|Year||Pound Value||Inflation Rate|
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 98 more rows
Download as CSV/Excel
This conversion table shows various other 1917 amounts in today’s pounds, based on the 7,016.26% change in prices:
|Initial value||Equivalent value|
How to Calculate Inflation Rate for £100 since 1917
Our calculations use the following inflation rate formula to calculate the change in value between 1917 and today:
CPI in 1917
1917 GBP value
Then plug in historical CPI values. The U.K. CPI was 16.3 in the year 1917 and 1159.950938 in 2021:
£100 in 1917 has the same “purchasing power” or “buying power” as £7,116.26 in 2021.
To get the total inflation rate for the 104 years between 1917 and 2021, we use the following formula:
CPI in 2021 – CPI in 1917CPI in 1917
Cumulative inflation rate (104 years)
Plugging in the values to this equation, we get:
1159.950938 – 16.316.3
News headlines from 1917
Politics and news often influence economic performance. Here’s what was happening at the time:
- The Russian “February Revolution” begins alongside protests celebrating Women’s Day and St Petersburg riots.
- Tsar Nicholas II abdicates, nominating his brother, Grand Duke Michael, to succeed him.
- President Wilson asks US Congress to declare war against Germany.
- Vladimir Lenin issues the “April Theses” appealing for Soviets to take power during Russian Revolution.
- Leon Trotsky becomes chairman of the Petrograd Soviet after the Bolsheviks gain control.
Data Source & Citation
Raw data for these calculations comes from
the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics’ Consumer Price Index, except for 2017, which is based on The Bank of England’s forecast.
You may use the following MLA citation for this page:
“Value of 1917 pounds today | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 27 Jul. 2021, https://www.officialdata.org/uk/inflation/1917.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
About the author
Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.
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Everything to know about the low-calorie diet plan
We earn a commission for products purchased through some links in this article.
The cabbage soup diet is a very strict, very low calorie diet and it isn’t for the faint hearted.
Despite being called ‘The Cabbage Soup Diet’, surprisingly, you don’t just have to eat cabbage soup. Although you do eat mainly cabbage soup, not many people realise that you can also have fruit, other veg and even some meat (on certain days).
The cabbage soup diet has been a popular quick-fix diet for years due to claims that you can lose up to 10 pounds in a short period of time. But is it the right quick weight-loss plan for you?
As the cabbage soup diet plan is an extreme diet that is incredibly restrictive, you shouldn’t stay on it for more than one week. Like the 5:2 plan and other intermittent fasting diets, this restrictive diet plan is a good way to lose weight quickly but is not sustainable in the long-term. For long-term, sustainable weight loss, try healthier diets that you’re more likely to stick to, such as the high-protein diet or the medically recommended Mediterranean diet.
What is the cabbage soup diet?
The cabbage soup diet is an extremely low-fat, high-fibre diet that lasts seven days. The concept is fairly simple – you make and eat as much cabbage soup as you want. Generally people eat between two to three bowls a day.
The idea is that your homemade cabbage soup (which carries virtually no calories) will help you feel full and aid some weight loss by stopping you snacking between meals.
Whilst cabbage is key, you can eat other low fat foods whilst on the cabbage soup diet plan, says nutritionist Mina Khan, founder of Formulate Health:
“The soup doesn’t only contain cabbage. Many recipes include green peppers, onions, mushrooms and other vegetables,” she tells us. “As well as cabbage soup, the diet allows you to start incorporating different fruits and vegetables in the first few days, and slowly reintroduces lean meats, dairy and rice towards the end of the 7 day program.”
The cabbage soup diet is only designed as a kick-start to help you lose weight quickly.
“The person following such a diet may see the effects, but a diet like this is not sustainable and should not be practiced for an extended period of time,” says dietitian Jasmine Carbon of Carbon Nutrition. This is because of its (unsurprising) cabbage focus and cutting out of other key food groups.
Pros and cons of the cabbage soup diet
Dietitian Jasmine Carbon points out cabbage’s nutritional benefits:
“Cabbage is a great source of fibre essential for gut flora and bowel health,” she says. “Eating a portion of cabbage would count towards your 5 portions of fruit and veg a day.
“However, it should be eaten as part of a balanced diet. This is not a diet I would recommend anyone to follow,” she adds.
Jasmine is concerned with how restrictive the cabbage soup diet plan is, which in turn could affect your body both physically and mentally:
“If done for a number of days the person could miss out on vital calories, protein, vitamins and minerals essential for the body to function and to allow you to carry out your day-to-day tasks.”
Mina agrees that the diet’s focus can wreak havoc with your blood sugar levels. Leaving individuals feeling faint or weak and is particularly dangerous for those with diabetes.
The cabbage soup diet also has a reputation for leaving you full of wind (lovely). This is because cabbage is high in fibre and can cause some digestive issues for those who aren’t used to consuming high quantities of fibre.
“Expect to experience some gastro-intestinal discomfort such as bloating, gas build up, nausea and flatulence,” adds Jasmine. Diarrhoea is another common side-effect of the cabbage soup diet plan.
Whilst weight loss can be expected (and seen as a pro of this diet), it’s worth noting that those who follow the cabbage soup diet will put the weight back on when they come off it.
“In terms of weight loss, this diet could definitely help almost anyone to shed some weight within a few days,” says Mina. “However it’s crucial to bear in mind that this diet is not a sustainable way to lose weight in the long run, and will likely result in you regaining the weight you lose once you stop restricting your intake of normal foods. ”
Cabbage soup diet review
Caitlin Fitzgerald, 54, from Morpeth, Northumberland, tried the Cabbage Soup Diet. But how did she get on? And did she lose any weight… ?
“My husband’s work do was coming up and I wanted to fit back into a slinky black dress I’d had for years. I put off dieting until I only had a couple of weeks to go then suddenly panicked! The cabbage soup diet seemed a good way of losing weight fast.
“I made a fresh batch of the cabbage soup every two or three days and followed the other bits of the plan, like eating lots of fruit and veg. Though I didn’t mind the cabbage soup to start with, by about day four, I’d gone right off it! I tried to make it more interesting by adding different veg and herbs but it didn’t make it much better.
“It had rotten side effects too – my husband nearly ended up sleeping in the spare room I was so full of wind! But I stuck at it for a week and lost four pounds. I fitted into my little black dress but, to be honest, I’d put all the weight back on two weeks later!”
Cabbage soup diet 7-day meal plan
Day 1: You can eat as much fruit as you want (except bananas) along with unlimited cabbage soup, water and unsweetened tea and coffee.
Day 2: Avoid fruit but eat raw veg and cabbage soup. You’re allowed a baked potato in the evening.
Day 3: As much cabbage soup, fruit and vegetables as you like (excluding potatoes and bananas).
Day 4: Unlimited cabbage soup. You can drink some skimmed milk and eat up to eight bananas.
Day 5: Lots of cabbage soup and 565g of beef and six tomatoes. Makes sure you drink 6-8 glasses of water.
Day 6: As much cabbage soup, beef and vegetables as you like (excluding potatoes).
Day 7: Unlimited cabbage soup, a little brown rice and sugar-free fruit juice.
Top tip: Spice up your soup by adding some cayenne pepper – it’ll make it taste better.
Five steps to Cabbage soup Diet success:
1. Drink at least 4 glasses of water per day, staying hydrated is key
2. Follow the diet as closely as you can
3. Keep in mind it’s only seven days long
4. Add different spices to make the soup taste more interesting (such as chilli flakes for a little heat)
5. Try taking a daily multi-vitamin
Credit: Getty Images
Cabbage soup diet recipe
To make cabbage soup you will need:
- 6 large onions chopped
- 2 green peppers diced
- 2 cans of tomatoes (diced or whole)
- 250g mushrooms, sliced
- 1 bunch celery, chopped
- 1/2 head cabbage
- chopped 3 carrots
- sliced 1 package dry onion soup mix
- 1 or 2 cubes bouillon (optional)
- Salt and pepper
- A pinch of Cayenne pepper, curry powder, mixed herbs or any other seasoning for added flavour
How to make cabbage soup:
- Use spray oil to fry the chopped onions in a large pot.
- Add the green pepper pieces and cook for one min.
- Add the chopped cabbage leaves, sliced carrots, celery and mushrooms.
- Sprinkle over a little cayenne pepper or curry powder.
- Add 12 cups of water and any additional stock cubes.
- Cook over a medium heat until the vegetables is the vegetables are tender and the soup is the right consistency.
Rare £10 notes: how to spot which ones are worth thousands?
Since the new £10 note was issued just over a year ago, multiple stories have emerged about rare serial numbers and limited editions fetching thousands of pounds at auctions, multiplying the notes’ value tenfold and then some.
One of the new notes, which feature celebrated novelist Jane Austen and carry a quotation from her most celebrated novel Pride and Prejudice, sold for £3,600 on eBay in September 2017, exciting collectors with get-rich-quick dreams.
According to Wales Online, the reason for the swift increase in value was to do with the presence of a coincidental serial number that contained the AH prefix and 1775, the year Austen was born.
ChangerChecker.com predicts that the following serial numbers could also be worth thousands:
- The serial numbers 16 121775 and 18 071817 as they represent Austen’s date of birth and death.
- The serial number 17 751817 as it’s her birth and death combined
- The serial number 28 011813 as it’s the date when her most celebrated novel, Pride and Prejudice, was first published.
- The serial numbers JA01 and JA75 (Jane Austen’s birth year) and JA17 (the year of Jane Austen’s death) may be popular too, but it could take many years before those notes enter circulation.
Which ones will be most valuable?
As a general rule, the lower the serial number the more valuable the banknote.
Like the £5 note, which was released in 2016, the first tenner printed was given to the Queen, with the second given to Prince Philip, the third to Prime Minister Theresa May, and the fourth to Chancellor Philip Hammond.
Despite that, the first million £10 notes contain a prefix of AA01 and could all be worth £50, Simon Narbeth, a specialist paper money dealer told The Daily Telegraph.
How to spot special serial numbers
Serial numbers show when the note was printed, with the first note off the block starting with the prefix AA01 000001 and going up from there.
The serial number is printed on the same side of the note as Austen’s face and is two letters followed by eight numbers running from 000001 to 999000.
It is hard to say with certainty how much low serial numbers could fetch, but as a rough indicator the lowest number of the new £5 note issued to the public, AA01000017, sold for £4,105 at a charity auction last year.
Another note with the serial number AA01 000010 was auctioned off by the Bank of England earlier for a whopping £7,200.
“Interestingly,” says The Sun, “as the £10 note is slightly larger, there are 54 notes per printing sheet compared to 60 with the new £5 note.”
This means there are fewer AA combinations on £10 notes in circulation than on £5 notes.
There are exceptions to any rule and, in the case of collectable notes, quirky serial numbers that carry special connotations, such as 007 (James Bond) or AK47 (the machine gun) have added value.
Why Jane Austen?
The decision to put Jane Austen on the new ten pound note was the result of a four-year struggle by campaigners.
In 2013 there was a public outcry when it was announced that prison-reformer Elizabeth Fry, the only woman other than the Queen to feature on legal tender, was to be replaced on the new £5 note by Sir Winston Churchill.
One campaigner, Caroline Criado-Perez, threatened to take the Bank to court for discrimination. She was subjected to a wave of online abuse but eventually the Bank relented and agreed that the next figure to feature on the £10 note, replacing Charles Darwin, would be a woman.
In 2016, on the 200th anniversary of her death, Bank of England governor Mark Carney unveiled the new Jane Austen bank note.
However, while she told The Guardian it would feel “amazing” to finally hold the new £10 note, Craido-Perez admitted Austen was the bank’s choice, not hers.
Research from insurer Aviva has calculated that, due to the impact of inflation over time, ten pounds at the time of Jane Austen’s death in 1817 would be worth the equivalent of £786 in today’s money.
It is not the first time the Sense and Sensibility author has appeared on new notes. A tiny portrait of Austen was engraved on four fivers by artist Graham Short and spent in England, Wales, Scotland and Northern Ireland.
Three have since been found – with a value estimated at £50,000 each, The Sun reports.
What special features does the new note have?
This is the second polymer note issued by the Bank of England following the introduction of the Churchill fiver.
It is 15% smaller than the old paper tenner and will last two-and-a-half times longer. It is also more secure, featuring hologram windows with images that change colour when tilted, to protect against fraud. A cluster of raised dots in the upper corner also helps blind and partially sighted people identify the note.
The new note is controversially still made from the same material as the polymer fiver, which drew criticism from animal rights and religious groups for containing traces of animal fat.
The Bank of England looked into ways to make its new notes tallow-free, “but decided the cost and effort was too high – and the practical alternatives not exactly popular either”, reportedly causing health and environmental concerns, says the Daily Mirror.
What about old £10 notes?
Old £10 notes featuring Darwin stopped being accepted as legal tender by retailers and businesses earlier this year.
But “genuine Bank of England banknotes which have been withdrawn from circulation will retain their face value ‘for all time’ and can be exchanged at the Bank of England”, says the London Evening Standard.
A new £20 note featuring artist JMW Turner is set to be released in 2020.
Live on £10 for a week challenge
Much to our disappointment, Student Loans don’t cater to a diet of caviar and champagne. But just how far can you make your pennies stretch?
Counting your cash and scrambling around at the bottom of your bag for that elusive 50p is just part of daily life for most students – and getting fed, watered, clothed and drunk can be a continual challenge.
However, we’ve heard definite assertions that living on a mere £10 a week for food can not only be done, but be done easily and without affecting your health. So, we gave one of our STS writers the chance to give this challenge a bash.
IMPORTANT: This challenge assumes that you’ll have a few of the basic kitchen essentials lurking around in the cupboards (salt and pepper, curry powder). It’s also highly probable that there are much healthier ways of doing this, but hey, you can’t knock us for trying, right?
Did you know that ‘pay as you feel’ supermarkets are now opening across the country? Plus find out how this shopping ninja mum feeds her family of four for £20/week.
What is the £10 challenge?
While we’re sure that a lot of students will find budgeting on £10 a necessary (but horribly cruel) part of uni life, the average student spends about £23 a week on groceries alone.
In fact, when we asked students in our Facebook deals group whether or not they thought they could live on £10 for a week, a massive 60% said no. There’s no doubting that it’s difficult, but as we’re about to demonstrate, it’s definitely possible!
For the purpose of this challenge, we’ve pushed aside bigger expenses such as rent and bills, instead concentrating on how to feed yourself for less than a tenner a week.
The good thing about giving this challenge a bash is that even just trying it will save you some money, even if you don’t make the £10 mark.
Over to you, Danielle!
Danielle completed this challenge a few years ago, so just to prove that it’s still possible, we’ve put some of the cheapest, most up-to-date prices (without offers) in brackets.
£10 a week shopping list
Armed with a few basic student cupboard essentials and a ten pound note, I am going to set about feeding myself for a week whilst resisting the urge to blow it all in the Student Union bar.
I couldn’t do this every week… here goes nothing!
After my lectures, I went food shopping with my crisp £10 note clutched in a sweaty palm, prepped for the challenge.
With a mental plan of my meals for the week ahead, I shopped around for the best deals (and used a few of these cheeky supermarket saving tips in the process).
Here’s my weekly shop, all done for just £10:
- Bag of porridge (500g): 39p (59p* at Asda)
- Jar of instant coffee £1.09 (used 1/4): 28p (70p*, or 18p for a quarter, at Asda)
- Chicken breast fillets (300g): £1.79 (£1.69* at Asda)
- Long grain rice (1kg): 40p (45p* at Asda/Tesco)
- 400g tin chopped tomatoes: 33p (28p* at Asda/Tesco)
- White loaf of bread: 42p (40p* at Tesco)
- Bag of apples: 79p (59p* at Asda)
- Baked beans: 29p (22p* at Tesco)
- Mushrooms: 49p (54p* at Asda)
- 1 pepper: 42p (45p* at Tesco)
- Carton of soft cheese: 49p (49p* at Tesco)
- 3 onions: 55p (27p* at Tesco)
- 1 bulb of garlic: 20p (16p* at Tesco)
- 1kg bag of carrots: 43p (33p* at Asda)
- Bag of spinach: 89p (80p* at Asda)
- 6 free-range eggs: 79p (79p* at Asda)
A grand total of £8.95 (£8.75* in today’s money, or £8.23 if we discount the unused coffee… take that, inflation), leaving me with a mere £1.05 for impulse buys… think I’ll be avoiding the pub then.
To save you visiting every shop in your town, we’ve tried to keep the number of supermarkets to a minimum – cheaper prices may be available elsewhere!
How to live on £10 for a week
Porridge for breakfast, then for lunch I ate toast with half a tin of beans, carefully stowing the other half in the fridge. I snacked on apple and carrot sticks, and when my flatmate asked if she could have one of my apples I didn’t give her one, feeling all protective over them.
Dinner was chicken curry made with one of my two chicken breasts, plus a bit cut off the other one in the packet. I chucked onion, garlic, curry spices from the kitchen cupboard, three mushrooms, half a pepper (I’ve got plans for the rest) and a tin of chopped tomatoes into the curry then served with some boiled rice.
I put half the curry in the freezer for later in the week, and carefully wrapped and refrigerated the veg. I’ve got to keep my food fresh for as long as possible!
On the first day I’ve managed to get my five a day – this challenge is so easy… or is it?
Porridge for brekky again, this time with a squeeze of honey from my flatmate’s cupboard (cheeky, I know).
Lunch was the leftover beans on toast, and an apple. I normally go to a Zumba fitness class on Tuesday afternoons, but I save myself the fiver and go out for a jog with my iPod on, feeling at one with nature. Gasping for water but unable to afford a bottle, I gulp straight from the tap when I get home.
I deliberately made too much rice last night, so tonight for dinner I make egg fried rice flavoured with garlic, some spices from the cupboard, a little onion, the other half of the pepper, some chopped carrot and some peas I found in the freezer (sorry, maybe this is cheating but they were there!).
My mouth waters as my flatmates tuck into their takeaway pizzas, but I feel smug knowing how much healthier I am because of my financial situation.
Credit: Universal Pictures
More porridge. I feel like Oliver Twist! It really does keep you going till lunch though – I didn’t nod off once in my 10am lecture.
Lunch was a sorry affair with two soggy pieces of toast and cream cheese, then carrot sticks and an apple while my flatmates feast on their supermarket meal deals.
For dinner, I had an omelette with spinach, onion and mushroom. My flatmates all went on a night out, but as I can’t see my £1.05 stretching to taxis, drinks and a kebab, I stay in and work on an essay.
Kill me now. I take Monday night’s leftover curry out the freezer to defrost; something to look forward to.
I slept in till almost 1pm, handily eliminating the need for three square meals, so porridge will do. It’s my turn to buy milk, so I only have pennies left from my tenner.
I buy my milk and march straight past the magazine rack. I read the celebrity gossip online for free, then fill out a form for a free shampoo sample (that I found in the student deals section).
My flatmates all need hangover cures but I feel great. This challenge does have its perks.
I have my curry for dinner with some more boiled rice, then an apple for dessert. I’m craving chocolate, but 80p for one bar just isn’t an option.
Porridge. Again. On the way to lectures today, the smell from the £2.50-a-pop coffee shops taunted me. I made a flask of instant coffee for my afternoon classes, which warmed me up but doesn’t exactly satisfy.
The porridge and coffee keep me going all the way through until dinner so there was no need for lunch (although this probably wasn’t a great idea).
For dinner I whipped up pasta with mushrooms, garlic, onion and spinach in a creamy cheese sauce made from the leftover soft cheese. I don’t really miss meat that much.
Brunch is scrambled egg on toast, then for dinner I fry up the remaining mushrooms (told you I was saving them!), half an onion and some garlic. I have this on toast spread with cream cheese.
My mates go to the cinema but one stays in with me and we watch a film and eat carrot sticks until they get back. After popcorn, drinks, and the bus there and back, their trip to the cinema costs more than my entire week’s budget.
Last day! Brunch is the last egg, poached, on slightly stale toast.
For dinner I make a big stir fry with all my leftover vegetables, the chicken breast that I butchered the end off to put in Monday’s curry, and some more boiled rice.
Can you live on £10 for a week?
From what I’ve learned, the £10 challenge is doable if you plan your meals ahead of time, write a shopping list and stick to it. It’d also be a lot easier if you plan for the whole month (so with a £40 budget) instead of just one week.
It might mean cutting down on meat, but as long as you get your iron from alternatives like spinach and baked beans, and protein from eggs, it won’t do you any harm.
There’s no reason you can’t eat healthily on a tenner, as raw ingredients are much cheaper than ready-made meals. I felt good about myself after the week as I wasn’t picking up a sausage roll on the way home for lunch, and having my meals planned removed the temptation to plop for greasy takeaways.
I may have missed out on a few nights out, but I’m sure my liver will thank me for the detox, and staying in meant more time for uni work – I got my best mark yet on the essay I stayed in to do.
I was lucky to live close enough to uni so I didn’t have to factor bus fares into my calculations, but you could always cycle (or go for a very long walk).
The £10 challenge may be a way of life for students, but it also makes you think twice about those pre-packaged curries and drinks after lectures when your loan does arrive.
Struggling to even find £10 to fund your food shop? Check out our guide to legally getting free food.
*Prices were correct as of April 2020.
90,000 New £ 10 banknote 🦉🇨🇭 Switzerland Business
The new £ 10. note entered circulation in the UK on September 14, 2017. Like its “smaller brother” – 5 pounds – the bill is made of polymer plastic, but it has a completely different face. What are its security features and what to do with old banknotes? (Portal “Switzerland Business”)
Another UK plastic banknote
On September 14, 2017, another representative of the latest series of British pound banknotes, a 10 pound sterling note, entered mass circulation in the UK.
Size and composition
The new £ 10 is a staggering 15 percent smaller than its paper-based predecessor.
The banknote is made of polymer plastic, which, according to the Bank of England, will last 2.5 times longer. Unlike ordinary paper, plastic banknotes are more resistant to moisture and dirt, and the high density of the material makes banknotes resistant to minor damage.
The Bank of England hopes that one such note will be able to last about 5 years and, at the same time, retain a decent look.
Brand new £ 10 adorns the portrait of the world famous English writer Jane Austen . By the way, on July 18, 2017, the UK celebrated the 200th anniversary of her death. And it was on this day that the Bank of England presented the appearance of the currency for the first time.
Photo: Bank of England
But why Jane Austen? The head of the Bank of England, Mark Carney, explained that the writer’s novels carry an incredible impulse, which is still as strong as when her books were first published.
Below Miss Austin’s portrait is a quote from her famous novel Pride and Prejudice, which belongs to a character named Miss Bingley: “I declare that I know of no better pleasure than reading!”
It is curious that these lines have already become a reason for the indignation of many Britons. Pride and Prejudice is one of the writer’s most ironic works. In the story, Miss Bingley uttered these words insincerely in order to impress.
Admirers of Jane Austen’s work are sure that the writer would be surprised by such an inappropriate choice.
The consolation is that some things remain unchanged: on the face of the banknote, as is customary, there is a portrait of the Queen of Great Britain – Elizabeth II .
Photo: Bank of England
The £ 10 bill turned out to be rich in security features. On the front side of the banknote there is a translucent window with a portrait of Elizabeth II framed by two inscriptions “£ 10 Bank of England”.
Nearby is the golden hologram of Winchester Cathedral, which has a silver color on the reverse side of the bill.By the way, the cathedral marks the burial place of Jane Austen.
When the bill is tilted, the adjacent feather changes its color from purple to orange . In turn, hologram with the word “ten” (Ten) at a different angle is changed to the word “pounds” (Pounds).
Above on the front side of the banknote there is a hologram of the royal crown , which has three-dimensional effect . In the same place, but on the reverse side of the bill, there is a hologram in the form of an open book with the initials of the writer “J A”.
Also, the banknote is protected by UV element . If you look at the front side under ultraviolet light, then at the top you can see the number 10, painted in bright red and green.
Convenience for people with disabilities
The new £ 10 note is the first UK banknote to have tactile designations . On the front side of the bill, in the upper left corner, there are special tactile elements that allow visually impaired and blind people to determine the denomination by touch.
Where can I get new banknotes and what to do with old banknotes?
To date, the Bank of England has printed over 1 billion bills. The total face value of banknotes issued is over 8 billion pounds. Accordingly, about 800 million units were released into mass circulation.
Anyone can get their hands on a brand new plastic bill in more than 70 thousand ATMs and in all UK banks.
Old 10 pound notes can be exchanged for new counterparts until spring 2018.
Next UK note update – in 2020
The next representative of the series of plastic banknotes – 20 pounds sterling – is scheduled for 2020. At the moment, it is known that the bill will also be made of polymer plastic, and will decorate its portrait of the British painter William Turner .
Like the new £ 10 note, the £ 20 note will also have tactile elements that allow you to identify the denomination by touch.However, the £ 5 bill is devoid of this advantage.
Update of the series of banknotes of European currencies
Not only the Bank of England is updating the British pound notes. The “Switzerland Business” portal provides an overview of the issues of new series of banknotes of the most popular European currencies. Currently issued in circulation:
90,000 New 10 pounds banknote. Charles Darwin gives way to the lady “
Bank of England draft 2016 banknote£ 10
|Jane Austen’s House Museum in Hampshire|
one more: to present the concept of the design of future money in the museum of the person depicted on that money.
Recall that at the end of April, Mark Carney, the head of the Bank of England, spoke about the upcoming in 2016.the issuance of a new £ 5 note with a portrait of Winston Churchill. This took place at a gala event at Churchill’s former home in Kent.
Three months later, on July 24, Mark Carney unveiled the design of a new 10-pound note featuring Jane Austen (1775-1817) at an event at the House Museum of this English writer, famed for novels such as Pride and Prejudice, Reason and feelings ”,“ Emma ”,“ Northanger Abbey ”, etc.
It is assumed that the new bill, in addition to the portrait of the writer, written on the basis of a sketch of her sister Cassandra, will contain a quote from the novel“ Pride and Prejudice ”:“ I declare after all there is no enjoyment like reading! ” (“Decidedly, there is no greater pleasure than reading!”), The main character Elizabeth Bennett, as well as the writing desk of Jane Austen herself.
During the presentation of the new £ 10 design, Mark Carney said: “Jane Austen certainly deserves a spot on the select group of historical figures to appear on our new banknotes. Her novels are a lasting and universal success, she is recognized as one of the greatest writers in English literature … “
This speech was preceded by a whole series of events, not too pleasant for the new head of the central bank of Great Britain. After he unveiled the design of the new 5-pound note with Churchill’s portrait, accusations of forgery and gender discrimination were rained down from feminists.Mark Carney was also criticized that the selection procedure for new banknotes was not transparent, and “Churchill could have won the competition illegally.” The situation was aggravated by the fact that Churchill would oust from the 5-pound bills the woman – public figure, social activist and reformer of the British prison system, Elizabeth Fry, who was often called the “angel of prisons.” After her “replacement” by Churchill, Queen Elizabeth II will remain the only woman on the banknotes of Great Britain. Feminists could not ignore this “monstrous fact” and launched a campaign on the Internet against the absence of women in the national currency.More than 35,000 people signed the petition to protest the absence of women on banknotes.
Now the parties have come to a consensus: Jane Austen is “displacing” naturalist and author of “Theory of Evolution” Charles Darwin, whose portrait is currently depicted on circulating banknotes of 10 pounds sterling. Feminists have commented on the move as a victory over pride and prejudice.
|Mark Carney presents the design of the new banknote|
Austin will be only the third (after Elizabeth Fry and Florence Nightingale) woman, whose portrait will adorn the English banknotes.
Interesting fact: Jane Austen may have appeared on the national currency of Great Britain back in 2010, when The Royal Mint Limited officially selected one of five prominent Britons, whose portrait would adorn a silver 5 pound coin. Jane Austen was one of the favorite candidates, but at the last moment, the sheer number and enthusiasm of the legendary beat la John Lennon (who eventually won) made her unable to do so. However, as it turned out, not for long.
The Bank of England made a mistake on the £ 10 note issued in 2002 to mark the 200th birth anniversary of the biologist Charles Darwin (1809-1882). On the reverse side of the banknote is a portrait of the author of the theory of evolution with images of the Royal Navy expedition ship “Beagle” and a hummingbird – according to the Bank of England, the image of the bird “is based on the form characteristic of the Galapagos Islands.” Nevertheless, professor of genetics at University College London, Steve Jones, said that Darwin may have “loved these birds, but hummingbirds do not live in the Galapagos.”90,000 Who is depicted on the £ 10 bill. £
A portrait of Elizabeth II is shown on the obverse of the banknote. Additional security features are a transparent window with a portrait of the queen, at the top of the banknote is a crown hologram that changes color at different angles of inclination, Winchester Cathedral is gold, next to it is a feather that changes color from orange to purple.
Below is a hologram changing the inscription “Ten” and “Pounds” at different angles. A new tactile feature has appeared in the upper left corner of the banknote – raised dots, for people with low vision.
On the reverse side there is a portrait of Jane Austen, under the portrait there is an inscription “I declare after all there is no enjoyment like reading!”, Her desk, Godmersham Park, where the writer often visited and this park inspired her to write new novels.
Also on the reverse side is Winchester Cathedral in silver, color-changing pen, an image of an open book with the letters “JA”.
Jane Austen is a famous English writer, satirist, whose works are included in the compulsory curriculum of universities and colleges in Britain.She was born in 1775 into a poor family with many children.
She was the penultimate (seventh) child. Jane and her sister changed many schools (somewhere relations with the headmistresses did not work out, somewhere they gave disgusting knowledge). Therefore, their father began to teach them, instilling a good literary taste.
Jane corresponded with the brothers, their wives and relatives, some of them were direct participants in the wars. These letters provided valuable material for novels. At the age of 20, she had an affair with a neighbor.But since Thomas was also from a not rich family, their marriage did not take place. And at 30, Jane Austen put on a cap, thereby informing that she is now an old maid. At the age of 42, Jane Austen died of an endocrine disease.
British pound sterling is the official currency of Great Britain. Banking code – GBP (826). GBP stands for Great Britain Pound. ISO 4217 code.1 pound equals 100 pence. There are 5, 10, 20 and 50 pound notes in circulation; coins in 1, 2, 5, 10, 20, 50 pence, 1 and 2 pounds.Coins of 25 pence and 5 pounds are rare.
Banks of individual territories within the UK (three banks in Scotland and four banks in Northern Ireland) issue banknotes with their own designs. Formally, these banknotes must be accepted by all banks in Britain, but in practice there are also cases of refusal.
Also, the pound sterling is a parallel currency in the crown lands of Guernsey, Jersey and the Isle of Man and legal tender for some British overseas territories: Gibraltar (its own currency is the Gibraltar pound), the Falkland Islands (its currency is the Falkland Islands pound), Ascension Islands and Saint Helena, as well as the Tristan da Cunha archipelago (its currency for the last three pounds of Saint Helena).
The term sterling dates back to 775, when the Saxon states produced silver coins called sterling. 240 coins were minted from one pound of silver. Large payments were made in “pounds of silver sterling”. This phrase was later shortened to “pounds sterling”.
In modern English, the word pound is used to denote money in Great Britain. To distinguish the British currency from the currencies of the same name in other countries, the full form of the pound sterling is used in official documents.In exchange practice, the name sterling has become widespread. In less formal texts, the term British pound is used. In colloquial speech, the word quid “quid” is used – chewing tobacco. Foreign exchange traders refer to the British pound sterling as a “cable”.
Until 1971, the ratios between monetary units were: 1 pound sterling = 4 crowns = 20 shillings = 60 groats = 240 pence = 960 farthings. Beginning in 1968, in England, they began to mint change coins of 5, 10 and then 50 pence, which were supposed to contribute to the conversion of the monetary system to decimal.
Beginning in January 1971, the pound sterling was finally brought to the decimal system, and to distinguish the new change coins, the words “New pence (penny)” were printed on them for more than 10 years.
British money is a means of payment, a store of value, and also performs many other functions, including the function of world money.
Pound Sterling History
The British pound sterling is the oldest currency in the world. Precious metals were widely used for its manufacture.Since 1066, silver sterling has been minted in Britain. In 1158, the sterling was introduced by Henry II as the British currency. The currency began to be called the pound in the second half of the 12th century. The first pounds included 12 shillings, each of which consisted of 20 pence. There was 2 forints in one penny. In other words, one pound sterling was equal to 240 pence, or 480 forints.
One pound sterling coin was minted in 1489. Then the pounds were also called gold sovereigns – thanks to the image on the obverse of the king, that is, the sovereign of all subjects.The obverse depicts Henry VII seated on the throne, the reverse depicts the coat of arms of England. Sovereigns weighed 15.47 grams and were made of 994 standard gold.
In 1560, Elizabeth I carried out a monetary reform that avoided the depreciation of coins, but increased inflation. All old coins were replaced with new ones.
In 1603 England and Scotland were united, but each state had its own government and currency. The Scottish pound caught up with the sterling, but experienced a much stronger devaluation, 12 Scottish pounds were equal to one pound sterling.
In 1694, the Bank of England began issuing paper pounds sterling – in the form of banknotes.
In 1707, after the unification of the two kingdoms and the formation of Great Britain, the Scottish pound was replaced by a sterling of the same value.
In 1816, the gold standard was established in Great Britain, the sovereign became the main coin unit with 7.32 grams of pure gold.
In 1825, the Irish pound, which had been equal to sterling since 1701 at the rate of 13 Irish pounds = 12 pounds sterling, was replaced by sterling at the same rate.
The pound sterling held the leading position in the world economy as a reserve currency in the 18th and 19th centuries.
In 1940, an agreement with the United States equalized the pound to the US dollar in the ratio 1 = 4.03. This exchange rate persisted throughout World War II and became part of the Bretton Woods system, which governed post-war exchange rates.
In 1971 England officially switched to the decimal system – every pound was equated to 100 pence. Until 1982, the inscription “New” was minted on the coins.
In June 1972, a “floating rate” was introduced, which was not supported by the Bank of England, but was determined solely by the results of trading on the international foreign exchange market. In this regard, in 1976 the value of one pound sterling fell to less than two dollars.
The pound’s lowest reading was in February 1985, when it was $ 1.05, before rising to $ 2 in the early 1990s.
Since 2007 – the pound exchange rate is 2.10 dollars, which allows the British currency to maintain the proud title of the most expensive in the world.England is rightfully proud of its currency. As a member of the Euro Union, the United Kingdom of Great Britain does not want to tie its economy to the EU currency and strongly supports its pound sterling.
There are currently four banknotes in circulation in the United Kingdom in denominations of 5, 10, 20 and 50 pounds sterling. Traditionally, the kings and queens of Great Britain are printed on the obverse of the banknote, nowadays – Elizabeth II. On the flip side are outstanding Englishmen.
Banknote 5 pounds sterling. Size: 135 x 70 mm.
On the reverse side, on the right, there is a portrait of Elizabeth Fry (reformer of the prison system in Great Britain), on the left – she, also, reading books to prisoners at Newgate Prison in London. The predominant colors are turquoise, blue, brown and yellow.
Banknote 10 pounds sterling. Size: 142 x 75 mm.
The obverse depicts Queen Elizabeth II.
The reverse side depicts Charles Darwin (the author of evolutionary theory) and a hummingbird.
Banknote 20 pounds sterling. Size: 149 x 80mm. Blue and purple bill.
The obverse depicts Queen Elizabeth II.
On the reverse side there is a portrait of the economist Adam Smith.
Banknote 50 pounds sterling. Size: 156 x 85mm.
The obverse depicts Queen Elizabeth II.
On the back – Matthew Bolton and James Watt.
Three Scottish banks have the right to issue and own banknotes, which circulate mainly in Scotland, although they are accepted for payment at a one-to-one rate in other parts of the United Kingdom.It is customary to depict portraits of famous immigrants from Scotland and castles on Scottish banknotes. For example, in 2005, the Royal Bank of Scotland, you issued a £ 50 note depicting Inverness Castle. Other denominations include the castles of Balmoral, Brodick, Glemis, Culzin and Edinburgh.
The Bank of Ulster has a similar right.
Pound Sterling Signs:
1. Print quality. The print is very clear, all elements are clearly visible.
2. Watermark. When viewing the banknote against the light, a watermark in the form of a portrait of the Queen is visible.
3. Paper and relief printing. The banknotes are printed on special paper, which gives a unique feeling when touched: if you slide your finger across the banknote, you can feel the embossed print near the words “Bank of England” on the face of the banknote.
4. Metallic thread. A metal thread “implanted” into the paper is present on every banknote. On the £ 5, £ 10, £ 20 banknotes, the silver dashed line is on the back of the banknote, on the 50 banknote on the front.When viewed against the light, the thread turns into a solid dark line.
5. Hologram. When you tilt the banknote, the image on the hologram changes: from “Britain” to the digital designation of the denomination of the banknote.
6. UV protection. When viewing a banknote under ultraviolet radiation, you can see the denomination of the banknote.
7. Microtext. Using a magnifying glass, a line consisting of letters and numbers can be seen under the Queen’s portrait.
8. The viewed image.The £ 20 (new issue) banknote has a preview image. When viewed under light, the image becomes complete.
If you change the angle of view while viewing the bill, in some rosettes the color of the image of Adam Smith will change, in other rosettes – the color of either the image of the pound sign or the number “20”. Also, the banknote is equipped with relief images of the digital designation of the denomination, which are imprinted in three corners of the banknote.
Pound Sterling is the most expensive currency in the world.In England, there is no £ 100 denomination, since £ 50 is already approximately 100 US dollars. Moreover, the British are suspicious of the fifty-pound bill, and its owner may even be suspected of money laundering. This is due to the fact that in England most purchases are made using cashless payments.
In 1968 the first decimal coins were issued in the UK. These were copper-nickel 5 and 10 pence coins, which were equivalent and common along with the 1 and 2 shilling coins that were in circulation at that time.In 1971, the transition to the decimal coin system was completed, with the introduction of the 1/2, 1 and 2 pence bronze coins.
In April 2008, the design of the issued coins was changed. New coins were released into circulation gradually, starting in the summer of 2008. The reverse of the new 1, 2, 5, 10, 20 and 50 pence coins depicts separate fragments of the Royal Shield, while the reverse of the new 1 pound coins depicts the entire shield. The new coins have the same characteristics (weight, composition, size) as the old ones that continue to circulate.
For collecting purposes, the silver 1 pound sterling coin, which was issued in most cases in small quantities, is of interest.
Since 1986, special 2 pound coins have been minted with a constantly changing image. But you can safely use them as a means of payment.
There is also a gold sovereign coin. But there is no denomination on it, because precious metal coins are recognized depending on the size and content of gold.And the value is determined by the current price of gold.
International reserve currency
Pound sterling lost its position as the main reserve currency at the beginning of the last century. As of 2013, only 4% of gold and foreign exchange reserves are held in the form of the pound sterling, and yet it is currently the third reserve currency. The interest that makes up the pound on the total reserve has risen in recent years thanks to the stability of the British economy and government work, a steady rise in value against other currencies and relatively high interest rates compared to other major currencies such as the dollar, euro and yen.
The value of the pound sterling in relation to other currencies ensures the high development of the UK industry (in terms of gross domestic product, the country ranks seventh in the world).
The British pound is one of the main currencies in the Forex market. The UK maintains high interest rates, which makes the pound attractive for positional deals. In addition, the British macroeconomic indicators show better data than the euro area as a whole.
The quotation of the British pound is usually called a cable – in honor of the cable that was laid along the bottom of the Atlantic in order to transmit prices by telegraph from the Old World to the New and vice versa.Traditionally, the so-called reverse quotation is used for the pound, that is, the number of dollars included in one unit of another currency is indicated.
The Bank of England will cease issuing £ 10 paper notes from 1 March 2018. This was announced on Tuesday in his official press release.
“Following the successful launch of the new £ 10 note featuring Jane Austen on September 14, 2017, the Bank of England will retire the old 10-pound note featuring Charles Darwin on March 1, 2018,” the statement said.It is noted that after this period, the bills will be withdrawn from circulation, and they can be exchanged for new ones at the Bank of England itself.
A new £ 10 banknote made of synthetic polymers was introduced in the UK in mid-September. The bill depicting the “First Lady of English Literature,” which marks the 200th anniversary of her death this year, is 15% smaller than the 10-pound bill bearing the portrait of Charles Darwin (1809-1882) currently in circulation.There are raised points in the upper left corner of the banknote, which should allow blind people to easily distinguish its denomination.
New sample banknote
The polymer surface depicts Austin’s writing desk, as well as the estate of Godmersham Park, which belonged to the writer’s brother, which Jane has visited many times and which inspired her to write many works.
On the banknote is also printed the phrase of Miss Bingley from the author’s novel “Pride and Prejudice”, which saw the light in 1813: “Frankly speaking, I do not know pleasures like reading.”However, the fact that the choice of the Bank of England was stopped precisely on this phrase caused sharp criticism from fans of Austin’s work.
They expressed bewilderment that next to the portrait of the writer is not her own quote, but the statement of one of the characters in the work. In addition, according to them, Miss Bingley is one of the most unpleasant characters in the novel, who actually does not like to read, but says this in order to impress.
After the previously circulating five-pound bills with the portrait of the English prison reformer Elizabeth Frye were removed from circulation, Austin’s portrait will become the only female image on money in the UK after the portrait of Queen Elizabeth II.
Picking towards polymer banknotes
The Bank of England decided to increase the volume of banknotes on polymers in September 2015 after a thorough comparative analysis of the degree of protection of banknotes made of this material from the potential threat of counterfeiting was carried out. After three years of research, the British central bank concluded that they were more secure than banknotes made on the more traditional cotton base.
Plastic banknotes are made of thin, flexible and transparent polymer film using special ink layers on the front and back sides.As the Bank of England notes, polymer bills are water-repellent and never wet or dirty.
- The costs of introducing the new pound sterling into circulation in the UK can be passed on to consumers
Their wear life is at least twice as long as cotton ones, since they do not tear. Since water is not a big threat to these banknotes, they are even able to withstand washing at temperatures of 90 degrees Celsius. It is not easy to counterfeit plastic money, as it has a copy protection in the form of so-called transparent windows that pass through the polymer and ink layers and allow you to see through the banknote.
The only drawback of such banknotes is the presence of solid animal fat in polymer granules used in the manufacture of polymer substrate. This circumstance last year triggered protests from vegetarians and representatives of a number of religious organizations.
Banknotes (banknotes) of pounds sterling – banknotes made of paper, issued by the Bank of England.
Banknotes of 5, 10, 20 and 50 pounds are present and issued in free circulation.
Like all banknotes, GBP banknotes
have anti-counterfeiting elements. We invite you to familiarize yourself with them,
to know how to distinguish real pounds
How to check pounds
Check out all the security features for £
- Relief printing. All banknotes are printed on special paper, using special
ink. By sliding your finger along the surface of the banknote, you will feel that in some places, such
like the word “Bank of England”, ink sticks out.
- Metallic thread. A metal thread is embedded in the paper of pound notes of all denominations.
On the reverse side of the bill, it looks like a silver dotted line, but if you look at
a bill in the light, the thread is visible as a continuous dark line.
- Watermark. Looking at the banknote through the light, you will see a portrait of the Queen.
- Print quality. All lines and colors must be crisp and clean. On pound bills
sterling should not have paint stains or blur around the edges.
- Microtext. Use a magnifying glass to carefully look at the lettering above
portrait of the Queen – you will see the value of the denomination of the banknote printed in very small
letters and numbers.
- UV properties. If you look at the £ bills under an ultraviolet light source,
the value of the denomination of the banknote, as well as the security fibers randomly distributed in the paper,
look pink and green. The rest of the bill image appears dimmer.Also, the five windows of the 3D tape on the bill glow bright green.
- Hologram. On the front side of banknotes 5 and 10 pounds
has a hologram. When tilting a banknote
the image of Britain is changed to the value of the denomination of the banknote. On the banknote 20 pounds
made in the form of a strip with alternating images. When tilting a banknote on one hologram
you can see a rainbow portrait of Adam Smith, and on another rainbow sign £ changes to the number 20 and vice versa.
- Transparent £ sign. On notes 20 and 50 pounds
part of the £ sign is depicted on the obverse,
and a part on the reverse. If you look at the bill in the light, two parts of the image form
- 3D tape. On the £ bill
a ribbon is woven into the paper. It has five windows
with images of the £ sign and the number 50. When the bill is tilted from side to side, the images
move up and down. And when the banknote is tilted up and down, the images move from
side to side, and the £ sign changes to 50 and vice versa.
Banknotes of different denominations have a different set of means of protection and their different location:
90,000 Pound Sterling (£) – Official currency of Great Britain on Tourist.Ru
Pound Sterling (symbol £; bank code: GBP) is divided into 100 pence (singular: penny) and is the currency of the United Kingdom, the Crown Dependent Territories (Isle of Man and Channel Islands) and the British Outer Territories of South Georgia and the South Sandwich Islands, British Atlantic and Indian Oceans Territory.
This article describes the history of the pound sterling and its issue in England, Great Britain and the United Kingdom. See also Manx pound, Jersey pound and Guernsey pound for more information. The Gibraltar pound, the Falkland Islands pound and the Saint Helena pound are separate currencies that follow the rate of the pound sterling.
Currently, the pound sterling is the third largest part of the world’s foreign exchange reserves, behind the US dollar and the euro.Pound streaming is the fourth exchange rate in foreign exchange markets after the US dollar, euro and Japanese yen.
The full official name is pounds sterling (plural: pounds sterling) is used mainly in a formal context, and also when it is necessary to denote the currency used in the territory of the United Kingdom, as opposed to currencies of the same name. Otherwise, the word lb is usually used.The name of the currency is sometimes abbreviated to the word “sterling”, especially in the wholesale financial markets, but not in the name of the amount; so, they say “payment is accepted in sterling”, but never “it costs five sterling”. Sometimes the abbreviations “ster” or “stg” are used. The term British pound is widely used in less formal contexts, even though it is not the official name of the currency. Common slang name quid (plural quid) .
The term sterling dates back to 775, when the Saxon states produced silver coins called sterling. 240 coins were minted from one pound of silver, which roughly equaled the weight of a troy pound. For this reason, large payments were made in “pounds of silver sterling”. This phrase was later shortened to “pounds sterling”. After the Norman conquest of England, to simplify the calculations, the pound was divided into 20 shillings and 240 pence.For a detailed etymology of the word “sterling” see section 925 Sterling Silver.
Currency sign – the sign of the pound, initially with two cross lines ₤ , later the sign with one cross line became more common £ . The pound sign comes from the old-printed letter “L”, which stands for the abbreviation LSD – librae, solidi, denarii – which corresponds to pounds, shillings and pence in the original duodecimal monetary system. Libra was the original unit of weight in Rome, the word comes from Latin and means “scales” or “balance”.Banking currency code in the International Organization for Standardization 4217 – GBP (Great Britain pound). The abbreviation UKP is sometimes used, but it is incorrect. The Crown Dependent Territories use their own code: GGP (Guernsey Pound), JEP (Jersey Pound) and IMP (Isle of Man Pound). Stocks are often traded in pence, so traders can refer to pennies, GBX (sometimes GBp) when recording the stock price.
Division and other units
Since the transition to the decimal system in 1971, the pound sterling has been divided into 100 pence (until 1981 referred to as “new penny” on metallic money) The penny symbol is “p”; hence, an amount such as 50 pence (£ 0.50) is usually pronounced “50 pi” rather than “50 pence.” It also helped differentiate between new and old pence during the transition to the decimal system.
Prior to the decimal system, the pound was divided into 20 shillings, and each shilling consisted of 12 pence, which was 240 pence per pound. “s” – this was the sign of the shilling. This is not the first letter of the word shilling, but the beginning of the Latin word solidus ( solidus ) . The penny symbol was the letter “d”, from the French denier (denier), which comes from the Latin word denarius (denarius) (solidus and denarius were ancient Roman coins).A mixed sum of shillings and pence, such as 3 shillings and 6 pence, was designated “3/6” or “3s 6d” and was pronounced “three and six.” 5 shillings were written as “5s” or, more commonly, “5 / -“.
Coins of various denominations had and continue to have specific names such as “crown”, “farthing / penny”, “sovereign” and “guinea”. Details can be found in the sections “Pound Sterling Coins” and “List of British Coins and Notes”.
After the adoption of the euro, sterling became the oldest currency in the world still in circulation.
The origin of the sterling goes back to the reign of the King of Mercia Offa, who introduced the silver penny. It was like a denarius in the new monetary system of Charlemagne’s empire. As in the Carolingian monetary system, 240 pence weighed one pound (according to Charlemagne’s pound), a shilling corresponded to Charlemagne’s shilling and was equal to 12 denarii. At the time of the penny’s appearance, it weighed 22.5 troy grains of pure silver (30 tower grains; about 1.5 grams), indicating that the Mercian pound weighed 5.400 troy grains (the Mercian pound became the basis for the tower pound, which weighed 5,400 troy grains, which was 7,200 tower grains). At this time, the name sterling was not yet applied. The penny quickly spread to other Anglo-Saxon states and became the standard coin of the state that later became England.
The early pennies were minted from the finest silver (as pure as possible). However, in 1158, King Henry II (called Tilby penny ) introduced a new coinage system.Coins were now minted from sterling silver .925 (92.5%). Such silver became the standard and continues to be in the 20th century and is today called coin silver, in association with currency. Coin silver is heavier than pure silver (i.e. 0.999 / 99.9% pure, etc.) that was used in the past, and therefore coins made of such silver did not wear out as quickly as coins made of pure silver. The English currency was made exclusively from silver until 1344, when noble gold was successfully introduced into circulation.However, silver remained the legal sterling material until 1816. During the reign of Henry IV (1412-1421), the weight of a penny dropped to 15 grains of silver, and in 1464, a penny weighed 12 grains.
During the reigns of Henry VIII and Edward VI, the minting of silver coins was sharply reduced, although in 1526 the pound was again equal to the troy pound of 5,760 grains. In 1544, silver coins were issued containing only one third of silver and two thirds of copper, which equals.333 samples of silver or 33.3% pure silver. As a result, the coins looked coppery, but relatively pale in color. In 1552, a new coinage of 925 silver was introduced. However, the penny weight was reduced to 8 grains, which means that 60 shilling coins could be produced from 1 troy pound of 925 sterling silver. The standard silver was considered the “60-chilling standard”, which lasted until 1601, when the “62-chilling standard” appeared, which reduced the weight of a penny to 7 grains.During this time, the size and value of gold coins changed significantly.
Accession of Scotland
In 1603 England and Scotland were united, but each state had its own government and currency. The Scottish pound caught up with the sterling, but experienced a much stronger devaluation, 12 Scottish pounds were equal to one pound sterling. In 1707, after the unification of the two kingdoms and the formation of Great Britain, the Scottish pound was replaced by a sterling of the same value.
Unofficial Gold Standard
In 1663, a new minting of gold coins was introduced, based on a 22-carat guinea. With a fixed weight of 44½ in relation to the troy pound since 1670, this value of coins varied until 1717, when it was fixed at 21 shillings (21 / -, 1.05 pounds). However, despite attempts by Sir Isaac Newton, Guardian of the Mint, to diminish the value of the guinea, this increased the value of gold in relation to silver compared to other European countries.British merchants sent silver as payment overseas, while goods for export were paid for in gold. Subsequently, there was a flow of silver from the country and a flow of gold into the country, which led to the establishment of the gold standard in the UK. In addition to this, there was a chronic shortage of silver coins.
Establishment of modern currency
The Bank of England was formed in 1694, followed by the Bank of Scotland a year later. Both banks began issuing paper money, with the Bank of England becoming more important after 1707.During the Revolutionary War and the Napoleonic Wars, Bank of England notes were legal tender and fluctuated in value relative to gold. The bank also issued silver tokens to alleviate the shortage of silver coins.
In 1816, the gold standard was officially adopted, while the silver standard was reduced to 66 shillings (66 / -, £ 2.3), replacing silver coins with the issue of tokens (that is, reducing the value of the precious metal).In 1817, a sovereign was introduced. The coins were minted from 22 carat gold and contained 113 grains of gold, they replaced the guinea and became the standard British gold coins without changing the gold standard. In 1825, the Irish pound, which had been equal to sterling since 1701 at the rate of 13 Irish pounds = 12 pounds sterling, was replaced by sterling at the same rate.
During the 19th and early 20th centuries, the gold standard was adopted in many other countries. As a result, the rates of various currencies could be determined simply by the corresponding gold standards.The pound sterling was equal to 4,886 US dollars, 25.22 French francs (or the equivalent currencies in the Latin Monetary Union), 20.43 German marks or 24.02 Austro-Hungarian kronor. After the international monetary conference in Paris, the possibility of the United Kingdom joining the Latin Monetary Union was discussed, and the Royal Commission on the International Monetary System, having considered this possibility, decided against joining.
The gold standard was suspended at the start of the war when the Bank of England and Treasury notes became legal tender.Before World War I, the United Kingdom had one of the most developed economies in the world, with 40% foreign investment. However, by the end of the war, the country owed £ 850 million, mostly to the United States, at an interest costing the country 40% of all government spending. In an attempt to regain stability, a variation on the gold standard was introduced in 1925, according to which the currency was equal to the pre-war value of gold, although the currency could only be exchanged for an ingot of gold, not coins.This was abandoned on September 21, 1931, during the Great Depression, and sterling underwent an initial devaluation of 25%.
Use in the Empire
Sterling was used throughout most of the British Empire. In some parts, it was used alongside the local currency. For example, the gold sovereign was legal tender in Canada despite the existence of the Canadian dollar. Several colonies and estates adopted the pound as their own currency. Australian, British West African, Cypriot, Fijian, Irish, Jamaican, New Zealand, South African and South Rhodesian pounds have appeared.Some of these pounds remained equal to the pound sterling throughout their existence (for example, the South African pound), while others lost their independence after the completion of the gold standard (for example, the Australian pound). These currencies and others related to sterling made up the sterling area.
Bretton Woods Agreement on the Post-War Monetary System
In 1940, an agreement signed with the United States equalized the pound to the US dollar for £ 1 = $ 4.03.This exchange rate persisted throughout World War II and became part of the Bretton Woods system, which governed post-war exchange rates. Under constant economic pressure and despite months of assurances to the contrary, the government nevertheless lowered the value of the pound by 30.5% to $ 2.80 on September 19, 1949. This move resulted in the depreciation of other currencies against the dollar.
In the mid-1960s, the pound came under new pressure as the exchange rate against the dollar was deemed too high.In the summer of 1966, as the pound fell in the currency markets, the Wilson government tightened currency controls. Among the measures taken was a ban on tourists from taking more than 50 pounds out of the country, in 1979 the amount was increased. The pound was eventually reduced by 14.3% to $ 2.40 on November 18, 1967.
Change to decimal system
On 15 February 1971, the United Kingdom switched to decimal, replacing the shilling and penny with a single coin, the new penny.The word “new” has ceased to be used after 1981.
Changes in the value of the Pound
With the fall of the Bretton Woods system – British currency dealers played an important role in this, which created a solid market for the eurodollar, which made it difficult for the government to maintain the gold standard of the US dollar – the pound exchange rate fluctuated in the early 1970s and therefore caused the exchange rate to rise by market. The sterling zone came to an end during this time when most of its members also opted for a free currency against the pound and dollar.
Another crisis ensued in 1976 when it became known that the International Monetary Fund (IMF) believed that the pound should be equal to $ 1.50, and as a result, the pound fell to $ 1.57, and the government decided to borrow 2.3 billion pounds from the IMF. In the early 1980s, the pound advanced to the $ 2 level as interest rates rose in response to monetary planning policies, and a high exchange rate was blamed for the deep decline in 1981. The pound had its lowest reading in February 1985, when it stood at $ 1.05, before rising to $ 2 in the early 1990s.
Following the German mark
In 1988, Margaret Thatcher’s government finance minister, Nigel Lawson, felt that the pound should “obscure” the West German mark, which would inadvertently lead to skyrocketing inflation as the economy grew rapidly due to inappropriately low interest rates. (For ideological reasons, the Conservative government has abandoned alternative controls over credit explosions, and former Prime Minister Edward Heath called Lawson a “one-club golfer.”
Following the European currency unit
On October 8, 1990, the Conservative government decided to join the European Exchange Rate Mechanism (ERM), with a pound equal to 2.95 deutsche marks. However, the country was forced to leave the system on “Black Wednesday” (September 16, 1992), as the British economy led to the volatility of the exchange rate. Stock trader George Soros became famous for earning about $ 1 billion from reducing the value of the pound.
Interest rates jumped from 10% to 15% on Black Wednesday in an unsuccessful attempt to stop the pound from falling below the level of European currencies.The exchange rate fell to 2.20 German marks. Supporters of the depressed pound / deutsche mark gained support as the low pound supported the development of export trade and contributed to economic prosperity in the 1990s. Since the beginning of 2005, the pound / euro rate has returned to an average of approximately £ 1.00: € 1.46, which is the equivalent of 2.85 German marks.
Following the target inflation rate
In 1997, the newly elected Labor government transferred the responsibility for day-to-day control of interest rates to the Bank of England (a policy originally pursued by the Liberal Democrats).The Bank is now responsible for setting its base interest rate in order to keep inflation at the CPI level very close to 2%. As soon as CPI inflation is one percent above or below the target, the Governor of the Bank of England should write an open letter addressed to the Treasury Secretary, which explains the reasons for such changes and outlines the measures that will be taken to bring the inflation rate back to 2% – Noah norm.On April 17, 2007, the inflation rate of the consumer price index was 3.1% (inflation of the retail price index was 4.8%). Thus, for the first time, the Bank manager had to publicly explain to the government why the inflation rate was one percent higher than the norm.
As a member of the European Union, the United Kingdom can accept the euro as its currency. However, the issue remains politically controversial, in no small part because the United Kingdom was forced to abandon the previous mechanism for regulating the exchange rates of European countries (see.above) by logging in with the wrong fixed exchange rate. Prime Minister Gordon Brown, while still minister of finance, ruled out the adoption of the euro in the foreseeable future, saying that the decision not to join is the right one for Britain and Europe.
Former Prime Minister Tony Blair’s government has pledged to hold an open referendum to decide on accession and conduct the “five economic tests” to ensure that the adoption of the euro will have a national interest.In addition to this internal (national) criterion, the United Kingdom had to accept the economic conditions for EU convergence (Maastricht conditions) before allowing the transition to the euro. The United Kingdom’s annual government GDP deficit is currently above a certain threshold. In February 2005, 55% of the population in the United Kingdom was against the adoption of the euro, and 30% were in favor. The idea of replacing the pound with the euro has caused controversy in British society because of the association of the pound with British sovereignty and because, according to some critics, this could lead to suboptimal interest rates, which would damage the British economy.
pound was not included in the second European exchange rate mechanism (ERM II) after the introduction of the euro. Denmark and the United Kingdom are both countries that have renounced the adoption of the euro. Formally, all other EU members must accept the euro; however, this could be postponed indefinitely (as in the case of Sweden) by the refusal to join the second European exchange rate mechanism. The Conservative Party in Scotland argues that Scotland believes that the adoption of the euro means the end of the existence of geographically significant notes, since the European Central Bank does not allow the existence of national or subnational types of notes.
The Scottish Nationalist Party does not see this as a significant problem, since an independent Scotland would have its own national coins, and the party is pursuing a policy of introducing a single currency. On January 1, 2008, Akrotiri and Dhekelia, two territories on the island of Cyprus under British sovereignty, began using the euro (along with the rest of the Republic of Cyprus).
Although the pound and the euro are independent of each other, it happens that they have been used together for a long time, but this ratio has weakened since mid-2006.Concerns about inflation in the United Kingdom prompted the Bank of England to sharply raise interest rates in late 2006 and throughout 2007, resulting in the most significant appreciation of the sterling against the euro since January 2003. This set off a knock-on effect in other major currencies, with the pound hitting its highest value in 15 years against the US dollar on April 18, 2007, surpassing the $ 2 mark a day earlier for the first time since 1992. Since that time, the pound has continued to strengthen its position against the dollar, like many other world currencies, and on November 7, 2007, reached the level of 2.11610 dollars for the first time in 26 years.However, since the end of 2007, the pound began to decline significantly against the euro, albeit not as sharply as the dollar, which fell below € 1.25 for the first time in April 2008.
The silver penny was the main and often the only coin in circulation from the 8th to the 13th century. Although smaller coins were minted than pennies (see farthing and halfpenny), chopped half and quarter pennies were more common as bargaining chips.Gold coins were minted in small numbers, and the gold penny (worth 20 silver pennies) was rare. However, the 4p silver coin appeared in 1279, and the half-value coin followed in 1344. In 1344, the minting of gold coins was also established with the introduction (after the gold florin did not come into use) a noble in value of 6 shillings 8 pence, together with a half and a quarter of a noble. The reforms of 1464 marked a downgrade in the value of coins, both silver and gold, and the noble was renamed rayol and was valued at 10 silver shillings, and the angel coin was equated to 6 shillings 8 pence.
During the reign of Henry VII, two important coins were introduced, the shilling (known as the teston) in 1487 and the pound (known as the sovereign) in 1489. In 1526, several new denominations of gold coins were added, including the crown and half crown in 5 shillings and 2 shillings 6 pence. The reign of Henry VIII (1509-1547) saw a significant decline in the value of coins, which continued during the reign of Edward VI (1547-1553). However, this decline was halted in 1552 and new silver coins were introduced, including coins for 1, 2, 3, 4 and 6 pennies, 1 shilling, 2 shillings, 6 pence, and 5 shillings.During the reign of Elizabeth I (1558-1603), coins were added in denominations of ¾ and 1½ pennies, although these denominations did not exist for a long time. Gold coins – half crown, crown, angel, half sovereign and sovereign. During the reign of Elizabeth, a horse-drawn screw press was also introduced to produce the first grooved coins.
After the arrival of the Scottish King James VI to the English throne, the minting of new gold coins was introduced, which included a ryol with spurs (15 shillings), a unite (20 shillings) and a ryol with a rose (30 shillings).Laurel in denomination of 20 shillings followed in 1619. The first metal coins, pewter and copper farthing were also introduced. Copper halfpenny coins followed during the reign of Charles I. During the English Civil War, coins were produced under siege conditions and often had unusual denominations.
Following the restoration of the monarchy in 1660, coinage was reformed and forged coins were produced in 1662. The guinea appeared in 1663 and was soon followed by coins in denominations of ½, 2 and 5 guineas.Silver coins were denominations of 1, 2, 3, 4 and 6 pennies, 1 shilling, 2 shillings, 6 pence and 5 shillings. Due to the widespread export of silver in the 18th century, the production of silver coins gradually declined, the krone and half-crown were not minted after the 1750s, the 6p and 1 shilling coins were discontinued in the 1780s. The response was the introduction of copper coins in denominations of 1 and 2 pennies and a gold ⅓ guinea in denominations of 7 shillings in 1797. The Copper Penny was the only coin to last the longest.
To reduce the shortage of silver coins, from 1797 to 1804 the Bank of England issued Spanish dollars (8 reales) and other Spanish coins and coins of the Spanish colonies. The king’s head was depicted on small coins. These coins were used until 1800 at a rate of 4 shillings 9 pennies for 8 reales. After 1800 the exchange rate became 5 shillings for 8 reais. The bank also issued 5 shillings silver tokens (modeled on Spanish dollars) in 1804, followed by 1 shilling 6 pence and 3 shilling tokens from 1811 to 1816.
In 1816, a new coinage was introduced with denominations of 6 pennies, 1 shilling, 2 shillings, 6 pence and 5 shillings. The crown was produced only periodically until 1900. This was followed by a new system of minting gold coins in 1817, which included coins in denominations of 10 shillings and 1 pound, which were called half sovereigns and sovereigns. The silver 4 penny coin was reintroduced in 1836, followed by the 3 penny coin in 1838 and the 4 penny coin, which was minted only for use in the colonies after 1855.The florin was introduced in 1848 in denominations of 2 shillings, followed in 1887 by the double florin, which did not last long. In 1860, copper was replaced by bronze in the production of farthing, halfpenny and penny.
During the First World War, the production of the half sovereign and sovereign was temporarily suspended, and although the gold standard was restored, coins did not gain widespread acceptance again. In 1920, the silver standard, from 1552 it was 925 sterling silver, dropped to.500. In 1937 the nickel brass coin was introduced in denomination of 3 pennies, the last silver coins of 3 pennies were issued seven years later. In 1947, the remaining silver coins were replaced with cupronickel. Inflation led to the discontinuation of the minting of farthing in 1956 and its withdrawal from circulation in 1960. In an effort to move to the decimal system, halfpenny and half crown were withdrawn from circulation in 1969.
The first decimal coins were introduced in 1968.These were nickel silver coins in denominations of 5 and 10 pennies, which were equivalent and were used along with coins of 1 and 2 shillings. The 50 Penny Curved Equilateral Heptagonal Cupronickel coin was replaced by the 10-Tishilling Bail in 1969. The transition to the decimal system was completed when it was adopted in 1971, with the introduction of the ½, 1 and 2 penny bronze coins and the elimination of the 1 and 3 penny coins. The 6 penny coin was in circulation until 1980 with a value of 2½ pounds. In 1982, the word “new” was dropped to refer to coinage and the 20 penny coin was introduced, followed by the introduction of the £ 1 coin in 1983.The ½ penny coin was issued in 1983 and discontinued in 1984. In the 1990s, bronze was replaced by copper-plated steel and a decrease in the size of 2, 10 and 50 pennies.
The old 1 shilling coins, which continued to be used and were equal to 5 pennies, were withdrawn from circulation in 1991, following the reduction in the size of the 5 penny coin, 2 shilling coins were withdrawn from circulation in a similar manner in 1993. British 2 pound bimetallic coins.The modern coin (1997-present 2 £ coin) was introduced in 1998.
Currently, the oldest coins in circulation in the United Kingdom are the 1 and 2 penny copper coins, introduced in 1971. Prior to the transition to the decimal system, small coins could not be more than a hundred years old or more, with the image of any of the five monarchs on the obverse.
In April 2008, an extensive upgrade was announced for the coins to be issued in the summer of 2008. The new reverse of the 1, 2, 5, 10, 20 and 50 penny coins will have the image of the pieces of the royal shield, and the new 1 pound coin will have a whole shield.
The first paper sterling was issued by the Bank of England shortly after its founding in 1694. The denominations were originally indicated on banknotes at the time of printing. From 1745, banknotes were printed in denominations ranging from £ 20 to £ 1,000, with the addition of shillings at the odd number. The £ 10 notes appeared in 1759, followed by the £ 5 notes in 1793 and the £ 1 and £ 2 notes in 1797. The two lowest denominations were abolished after the end of the Napoleonic Wars.In 1855, banknotes were printed in full in denominations of £ 5, £ 10, £ 20, £ 50, £ 100, £ 200, £ 300, £ 500 and £ 1000.
The Scottish Bank began issuing banknotes in 1695. Although the Scottish pound was still the national currency of Scotland, the banknotes issued were in sterling denominations and went up to £ 100. From 1727, the Royal Bank of Scotland also began issuing banknotes. Both banks issued coins with the face value of guineas, as well as pounds. In the 19th century, regulations limited the smallest denomination of the banknote issued by the Bank of Scotland to £ 1, a note not allowed in England.
With the spread of sterling in Ireland in 1825, the Bank of Ireland began issuing sterling notes, followed by other Irish banks. These notes included the familiar denominations of 30 shillings and 3 pounds. The highest denomination of banknotes issued by an Irish bank was 100 pounds.
In 1826, banks 65 miles (105 km) from London were authorized to issue their own paper money. From 1844, new banks were not allowed to issue banknotes in England and Wales, but not in Scotland and Ireland.Consequently, the number of private banknotes decreased in England and Wales and increased in Scotland and Ireland. The last English private banknotes were issued in 1921.
In 1914, the Treasury Department introduced banknotes for 10 shillings and £ 1 to replace gold coins. These banknotes were in circulation until 1928, when they were replaced by banknotes of the Bank of England. Ireland’s independence has reduced the number of Irish banks issuing sterling notes to five in Northern Ireland.The Second World War had a radical impact on the issuance of banknotes of the Bank of England. Fearing the Nazi mass production of counterfeit money (see Operation Bernhard), all banknotes in denominations of £ 10 and above were discontinued, leaving only 10 shillings, £ 1 and £ 5 notes for issue. The issue of banknotes in Scotland and Northern Ireland was not affected, but denominations of £ 1, £ 5, £ 10, £ 20, £ 50 and £ 100 remained.
The Bank of England reintroduced the £ 10 notes in 1964. In 1969, the 10 shillings note was replaced by the 50 penny coin as part of preparations for the decimal system.The Bank of England £ 20 notes were reintroduced in 1970, followed by £ 50 notes in 1982. The subsequent appearance of the £ 1 coin in 1983 made it possible to abolish the £ 1 banknotes of the Bank of England in 1988. The Bank of England was followed by the Bank of Scotland and the Bank of Northern Ireland, only the Royal Bank of Scotland continued to issue notes of this denomination.
Legal tender and regional issues
Legal tender in the United Kingdom (according to the Royal Mint) means “that a debtor cannot be prosecuted for non-payment if he pays with legal tender in court.This does not mean that any transaction must be carried out using legal tender or only within the amount established by law. Both parties can agree to accept any form of payment, legal tender or otherwise, according to their wishes. To comply with the strict rules governing this legal tender, for example, the exact amount must be specified as no further changes can be required. ”In the United Kingdom, £ 1 and £ 2 coins are legal tender for any amount, while others coins are such only for a limited amount.In England and Wales Bank of England notes are also legal tender for any amount. Scotland and Northern Ireland today do not have legal tender notes, although the Bank of England 10 shillings and £ 1 notes were, like the Scottish notes, during World War II (Money Protection Act 1939; this status was abolished on January 1, 1946). However, the banks made contributions to the Bank of England to cover the amount of their banknotes issued.In the Channel Islands and the Isle of Man, local banknotes in their respective jurisdictions are legal tender. Banknotes for Scotland, Northern Ireland, Channel Islands and Isle of Man are sometimes not accepted in shops in England. UK store owners can reject any type of payment, even if it is legal tender, as there is no debt in the offer of payment at the same time as there is an offer of goods or services. Legal tender is accepted when paying a restaurant bill or other payment, but usually some other method (such as a credit card or check) is used to pay.Commemorative coins in denominations of £ 5 and 25 pennies (“krone”), which are rarely seen, are also legal tender, as are the bullion coins issued by the mint.
About the value of British money
In 2006, the House of Commons Library published a document that included a pound value index for each year from 1750 to 2005, where the value of the pound in 1974 was 100. (This was a new version of documents previously published in 1998 and 2003). Considering the period from 1750 to 1914, the document states: “Despite the years of significant price fluctuations until 1914 (depending on the harvest, wars, etc.)there has been no sustained rise in prices since 1945. ”It further argues that“ Since 1945, prices have risen in aggregate 27 times a year later. ”The index was 5.1 in 1750, peaking at 16.3 in 1813, until after the end of the Napoleonic Wars, rapidly declining to 10.0 and maintaining the value in the 8.5-10.0 range at the end of the nineteenth century. The index was 9.8 in 1914 and peaked at 25.3 in 1920, before falling to 15.8 in 1933 and 1934, prices were only three times higher than 180 years ago.Inflation had a strong effect during and after World War II – the index was 20.2 in 1940, 33.0 in 1950, 49.1 and 1960, 73.1 in 1970, 263.7 in 1980, 497.5 in 1990, 671.8 in 2000 and 757.3 in 2005.
Value in relation to other currencies
Pound can be freely bought and sold in foreign exchange markets around the world, and therefore its value relative to other currencies fluctuates (rising when buying by traders, decreasing when selling). This arrangement is traditional among the world’s highest-valued basic currencies.On April 19, 2008, £ 1 was equal to US $ 1.99 or € 1.26.
- Historical exchange rates (since 1990) can be found in the Exchange Rate section of the United Kingdom Economy Accounting List.
- Here you can see the current wholesale exchange rates of the sterling in relation to other currencies.
Pound as the main international reserve currency
Sterling is used as a reserve currency worldwide and is currently ranked third in terms of reserve amount.The interest that makes up the pound on the total reserve has risen in recent years thanks to the stability of the British economy and government work, a steady rise in value against other currencies and relatively high interest rates compared to other major currencies such as the dollar, euro and yen.
90,000% d1% 84% d1% 83% d0% bd% d1% 82% 20% d1% 81% d1% 82% d0% b5% d1% 80% d0% bb% d0% b8% d0% bd% d0% b3% d0% be% d0% b2 – from Russian into all languages
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90,000 UK refuses paper money: exact date
A polymer banknote depicting the famous English mathematician Alan Turing will be available from banks and ATMs in the coming weeks.This means that all Bank of England notes are now available in polymer.
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Great Britain refuses paper money
Paper notes in denominations of 20 and 50 pounds sterling can be used until on September 30, 2022. After these bills will be withdrawn from circulation and will lose the status of legal tender. The central bank advises the British to either spend this money, or put it into an account with their bank before that date.
This will mark the final stage of the transition from paper to polymer money. The UK launched this process in 2016. The main goal is safety . After all, polymer banknotes are more difficult to counterfeit, tear or somehow damage. Plus, that kind of money is better at repelling dirt and water. Another significant advantage of polymer banknotes is the term of use. After all, they can last 2.5 times longer than paper ones. Previously, they have already been replaced by new banknotes in 5, 10 and 20 pounds .
On the occasion of the introduction of the new banknote, the Bank of England Museum has opened an online exhibition where you can learn how the work of Alan Turing inspired the design of this banknote.
The £ 50 polymer note is the safest Bank of England note to date, and the features of the note make it difficult to counterfeit. All of our polymer banknotes can be verified with two keys of security functions: hologram, image changing and transparent windows. So, if you can check one denomination of a banknote, you can check all of them.The new £ 50 bills, like the £ 10 and £ 20 polymer bills, contain a tactile feature that helps people with vision problems identify the denomination,
– bank stated
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Great Britain: Money
The country’s monetary unit is the pound sterling (GBP). The quotation of the national currency as of August 15, 1998 is 1.6119 US dollars for 1 British pound sterling.
Pound sterling (Latin pondus – weight, weight) – the current monetary unit of Great Britain – has been used since the second half of the 12th century. The first paper banknotes were issued in 1694. Their denomination was also expressed in pounds. Since at one time the weight of 240 silver coins was equal to a pound, it still has the symbol Ј – from lat. libra – pound. All this time in England there was a monetary system that arose more than a millennium ago. It was built on a twelvefold principle (British pound sterling = 20 shillings = 240 pence = 480 forints).This was extremely inconvenient and greatly complicated the calculations. It wasn’t until 1971 that conservative Albion officially switched to a decimal monetary system. One pound is now equal to 100 pence.
Since 1990, the Bank of England has started to issue a new series of banknotes, distinguished by high artistic values, the presence of a multi-level anti-counterfeiting system, including a large number of microtexts: inscriptions, drawings, symbols. Today, there are 5, 10, 20 and 50 pound notes in circulation, the obverse of which traditionally includes a portrait (and a watermark) of Queen Elizabeth II, and no longer at the same young age as on previous issues.The reverse side is dedicated to outstanding scientists, writers, statesmen and public figures. In May 1994, the banks of the world received a letter from the Bank of England informing them that the old 10-pound notes with the image of Miss Florence Nightingale’s sister of mercy were being withdrawn from circulation.
N.B. When in the UK, please note that local coins without the word “NEW” do not circulate outside the British Isles. However, it is undesirable to import any foreign coin into Russia, since domestic banks do not work with it.
The British Pound Sterling is a freely convertible currency. Conservative British people are very sensitive to their pound and appreciate it. Therefore, it is more profitable to buy pounds in Moscow (about $ 1.6 per pound), in London it is sometimes higher than 1.7. Thus, the most prudent Russian travelers can save up to USD 50–70 per thousand USD.
If you nevertheless flew to London without cash pounds and are not going to throw money down the drain, please note: a taxi from Heathrow airport to central London costs 30 pounds, and the metro, the final station of which is right at the airport, will take you there for 1 , 5 pounds and 25 minutes.Just do not forget to get some English currency before leaving Heathrow, if you have not taken care of this in advance. At the airport, the bank will exchange hard currency or traveler’s checks at any time of the day. Other UK banks are open on weekdays from 9:30 am to 3:00 pm to 5:00 pm. Exchange offices are open for longer and are open on Saturday and Sunday. However, they always charge high commissions, charge fees for many services, and offer less favorable exchange rates. As a general rule, the less you have, the more you lose.And if you are traveling with a group, maybe it makes sense to team up?
And one more subtlety of the British currency. In addition to the Bank of England, five more banks issue pounds sterling in the UK: the Bank of Scotland, three Northern Irish banks and a bank on the island of Jersey. Each of them issues their own banknotes. Therefore, if this is your first time seeing the British pound sterling, you can easily slip a non-convertible Scottish pound instead of the English one. Who would think that Scotland, which for most of our fellow citizens is no more than a province of England, can have its own mint? You can exchange the North Irish pound for something decent only on the British Isles.Travelers are less likely to meet the Jersey pound. It is a purely island currency: only on Jersey it can be found and exchanged. In any case, do not show excessive “initiative”. Counterfeiting offenses in the United Kingdom are subject to the Forgery and Counterfeiting Act 1981. In particular, it says: if there is no evidence of intent, that is, the person selling counterfeit banknotes is innocent, banknotes are simply seized and registered.